Local group Chimcomplex Borzesti, owned by Romanian investor Stefan Vuza, will take over several assets of the insolvent chemical producer Oltchim Ramnicu Valcea.

The consortium of judicial administrators made of BDO Business Restructuring and Rominsolv approved on Monday the asset sale contract concluded between Oltchim and Chimcomplex Borzesti, reports local Economica.net. Chimcomplex will take over Oltchim’s most important production assets for EUR 127 million, plus VAT.

Local firm Dynamic Selling Group also wanted to buy some of Oltchim’s assets for EUR 1.9 million, but the offer was not accepted. The assets that haven’t been sold will be auctioned off again.

Oltchim, which used to be Romania’s biggest chemical producer, went into insolvency in early 2013. The company’s debts amounted to some EUR 800 million at that time. Oltchim’s assets were put up for sale in 2016.

Stefan Vuza plans to build a big Romanian chemical producer around Chimcomplex and Oltchim.

editor@romania-insider.com